However overused the aphorism may be, knowledge is power when it comes to negotiating your job offer.
When you hear those reassuring words “We’d like to offer you the job,” don’t make the mistake of thinking your research is over. Arm yourself with all the relevant data to close the deal and achieve the best outcome.
The best benchmarking tool for HBS students is the valuable information that can be found on the MBA Career Services page
(//my.hbs.edu/mbadocs/admin/career_services/). You can drill down to individual packages sortable by industry, location, and function. There you’ll find excellent advice such as “Offer Evaluation and Negotiation.” For instance, in case you’re still considering stock options, the MBA Career Services pages offer data to help you evaluate that piece of the compensation package.
Beyond HBS resources, the Web also offers useful salary information including tips and advice to improve your negotiating skills and find national salary surveys and relocation calculators.
Here is a run down of four of the best Web sites for closing the deal:
Jobstar.org //jobstar.org/tools/salary/index.htm
Use this site to find more than 300 industry-specific and general salary surveys. Test your salary savvy with the “Salary I.Q.” test, and find tips and strategies for salary negotiation.
Career Journal: From The Wall Street Journal
//www.careerjournal.com/
The “Salaries & Profiles” section of this site has salary data sorted by industry and job function as well as a salary calculator, which calculates the relative cost of living between two cities.
Salary.com
//www.salary.com/
Devoted to all aspects of salary and compensation, this site offers a “Salary Wizard” that provides a benchmark for salaries by industry and zip code. The site also offers substantive advice on compensation and negotiation, current news affecting the labor market, and as a job and resume database.
Homefair
//www.homefair.com
A comprehensive guide to relocation resources including a salary calculator, moving calculator, mortgage information, lifestyle guides to many cities, and crime statistics.
